Putnam shuts $15 billion money market fund

Reuters – U.S. asset manager Putnam Investments said on Thursday that it had closed its $15 billion (8 billion pound) Prime Money Market Fund due to redemption pressures.

Putnam, a unit of Canada’s Great-West Lifeco, said in a statement that the board of trustees of its funds had voted to close the institutional money market fund as it faced "significant redemption pressure" on September 17.

"The trustees’ action was not related to the portfolio’s credit quality, but was instead a reaction to marketwide liquidity issues," the fund company said.